Nippon Life Global Investors Americas Inc. Lowers Stake in Iron Mountain Incorporated (NYSE:IRM)

Nippon Life Global Investors Americas Inc. reduced its stake in shares of Iron Mountain Incorporated (NYSE:IRM - Free Report) by 30.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 117,000 shares of the financial services provider's stock after selling 51,230 shares during the period. Nippon Life Global Investors Americas Inc.'s holdings in Iron Mountain were worth $12,373,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Wealthfront Advisers LLC lifted its stake in shares of Iron Mountain by 9,843.3% in the 4th quarter. Wealthfront Advisers LLC now owns 6,864,832 shares of the financial services provider's stock valued at $721,562,000 after purchasing an additional 6,795,792 shares during the last quarter. Norges Bank purchased a new position in Iron Mountain during the fourth quarter worth about $348,249,000. TD Asset Management Inc. increased its position in shares of Iron Mountain by 125.4% during the fourth quarter. TD Asset Management Inc. now owns 1,952,432 shares of the financial services provider's stock valued at $205,220,000 after acquiring an additional 1,086,308 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Iron Mountain in the 4th quarter valued at approximately $55,271,000. Finally, Invesco Ltd. lifted its holdings in shares of Iron Mountain by 17.2% in the 4th quarter. Invesco Ltd. now owns 2,482,820 shares of the financial services provider's stock worth $260,969,000 after acquiring an additional 363,783 shares during the last quarter. 80.13% of the stock is currently owned by hedge funds and other institutional investors.

Iron Mountain Trading Up 3.1 %

Shares of NYSE:IRM traded up $2.65 during midday trading on Friday, hitting $87.97. The stock had a trading volume of 2,097,977 shares, compared to its average volume of 1,832,446. The company has a market capitalization of $25.95 billion, a PE ratio of 144.21, a P/E/G ratio of 5.15 and a beta of 0.97. Iron Mountain Incorporated has a 1 year low of $72.33 and a 1 year high of $130.24. The stock has a 50 day moving average price of $86.20 and a two-hundred day moving average price of $103.49.

Iron Mountain (NYSE:IRM - Get Free Report) last issued its earnings results on Thursday, February 13th. The financial services provider reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.20 by ($0.70). The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.60 billion. Iron Mountain had a negative return on equity of 401.83% and a net margin of 2.95%. During the same period last year, the company posted $0.52 earnings per share. As a group, equities analysts expect that Iron Mountain Incorporated will post 4.54 EPS for the current year.

Iron Mountain Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 4th. Stockholders of record on Monday, March 17th were paid a dividend of $0.785 per share. This is a positive change from Iron Mountain's previous quarterly dividend of $0.72. The ex-dividend date was Monday, March 17th. This represents a $3.14 annualized dividend and a dividend yield of 3.57%. Iron Mountain's payout ratio is 514.75%.

Insider Activity at Iron Mountain

In related news, CAO Daniel Borges sold 6,433 shares of Iron Mountain stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $92.84, for a total transaction of $597,239.72. Following the completion of the transaction, the chief accounting officer now directly owns 288 shares in the company, valued at $26,737.92. The trade was a 95.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mithu Bhargava sold 1,738 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $92.84, for a total value of $161,355.92. Following the completion of the sale, the executive vice president now directly owns 13,054 shares in the company, valued at approximately $1,211,933.36. The trade was a 11.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 318,973 shares of company stock valued at $29,370,872 in the last ninety days. Corporate insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on IRM. Barclays decreased their target price on Iron Mountain from $130.00 to $118.00 and set an "overweight" rating on the stock in a research note on Thursday, March 20th. Wells Fargo & Company dropped their price objective on shares of Iron Mountain from $135.00 to $125.00 and set an "overweight" rating for the company in a report on Tuesday, February 4th. Truist Financial began coverage on shares of Iron Mountain in a report on Tuesday, April 8th. They set a "buy" rating and a $95.00 target price on the stock. StockNews.com raised Iron Mountain from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Iron Mountain from $125.00 to $112.00 and set an "overweight" rating for the company in a report on Tuesday, February 18th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Iron Mountain presently has a consensus rating of "Buy" and a consensus price target of $121.29.

About Iron Mountain

Iron Mountain Incorporated NYSE: IRM is a global leader in information management services. Founded in 1951 and trusted by more than 240,000 customers worldwide, Iron Mountain serves to protect and elevate the power of our customers' work. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals.